Biotech

Ampliphi Biosciences Corp (OTCMKTS:APHB) Announces $13 Million Financing

Ampliphi Biosciences Corp (OTCMKTS:APHB) a prominent name in bacteriophage-based antibacterial treatments disclosed that it has made a definitive purchase deal extending to warrants as well as common stock with a particular group of institutional qualified investors. The certain group is formed of both new and existing investor. The group of investors also include strategic alliance partner known as Intrexon (NYSE:XON). The aim is to generate $13 million of capital in a private placement financing.

The intentions

As per the purchase plan, Ampliphi will issue close to 78.78 million shares of its common stock at a issue price of $0.165 a share. Also, it will offer and start with issuance of warrants to purchase 0.25 shares of the common stock. The warrants imply the right to acquire total of 19.69 million shares and it terminate in March 2020. It is exercisable at a price of $0.215 a share.

The news

Ampliphi said that the warrants can be exercised from the later of the date it goes for a reverse stock split or hikes the total number of authorized share and as it completes the first year from the date of issuance. Irrespective of the mode, an amount sufficient to exercise will be followed in full of the issued warrants. If the share count surges or reverse stock split takes place before one year of completion, the buyers can exercise warrants at that time. The net proceeds from the latest private placement are expected to be around $12.15 million. The placement agents under the private placement offering were Griffin Securities, Inc. and Roth Capital Partners.

The measures

Jeremy Curnock Cook, the Chairman said that Ampliphi is looking forward to a promising 2015 as the trials mark their way towards the clinic. The financing offers the much needed funds to boost the phage therapy into clinical trials.

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